pure news driven market, forget about ST, just DT or watch the show, everyday clean up the accounts........... next monday could be big up or down again..........
Goldman upgrades Europe's banks from underweight to neutral, believing the new funding arrangements by the ECB (and Fed) should help the lenders make it through the economic downturn. Of particular import is the ECB offering 3 year loans which should allow "banks to detach their funding cost from that of sovereigns."
EU leaders, specifically Germany, drop demands for private sector holders of sovereign debt to bear part of the cost of any bailouts. There is a belief that Germany's call for such over a year ago, ignited this latest round of the crisis.